Government is concerned for EU triggering excessive deficit mechanism
In the context in which the European Union (EU) triggered the excessive deficit mechanism against Romania, the Bucharest Government plans to take some measures for Romania not to be deprived of European financing.
„The most serious thing is that, because of the irresponsibility of the policy of the old Government, the EU has today triggered the excessive deficit mechanism against Romania. If we do not have now a cautious policy of diminishing the budget deficit, under the level of the one last year, Romania will be fined by the EU, it will lose financial resources.
We are in the difficult position of looking for balanced solutions meant to keep this country’s finance at an acceptable pace and we are going to do it,” said Prime Minister Emil Boc at the end of the Government meeting on Wednesday.
According to the Head of Government, there may also be financial sanctions from the EU if the Government fails to take „the sensible measures” meant to keep the deficit within controllable limits and if, „contrary to all reason,” it would take the policy of the old Cabinet.
„We would be liable not only to fines in keeping with the European standards but also to losing the European money. It is billions of euros,” estimated Boc.